San Francisco, 3 October 2018:
According
to a report published by Grand View Research, Inc.; the microelectronic
medical implants market is expected to reach a valuation of around USD 57.12
billion by 2025.
Growing geriatric population
and rising incidence of cardiac disorders, epilepsy, and Parkinson’s disease
can propel the market during the forecast period (2014 to 2025). In addition, growing
regulatory approvals for new equipment and devices, and launch of new products are
likely to support the market growth.
High prevalence of cardiac
disorders is considered as the major driving factor for the market. Cardiovascular
diseases (CVDs) like congestive heart failure, cardiac arrest, and stroke, and
coronary artery diseases. Cardiovascular diseases (CVDs) such as cardiac
arrest, congestive heart failure, stroke, and coronary artery diseases are need
implants like defibrillators and pacemakers in most of the cases. As per WHO,
in 2015, CVDs are the top cause of death worldwide, which was reported for 31.0%
deaths out of which, 7.4 million people died with coronary heart disease and approximately
6.7 million people died from a stroke. In addition, according to WHO, around 50
million people have been living epilepsy, which is one of the most common neurological
complaints. This disorder can be treated with the help of neurostimulators, which
helps to stop seizures. This is expected to boost the demand for these implants.
Furthermore, deep brain stimulation (DBS) is a procedure to be performed for
implanting a pacemaker-like device into the brain tissue for treating PD. Therefore,
with increasing number of PD patients worldwide are likely to increase the
demand for these implants in the coming years.
Access
Research Report of Microelectronic
Medical Implants Market@ www.grandviewresearch.com/industry-analysis/microelectronic-medical-implants-market
Worldwide microelectronic
medical implants market can be segmented on the basis of product, technology,
and region.
Based on product, the market
can be categorized into pacemakers and defibrillators, neurostimulators, implantable
drug pumps, spinal fusion stimulators, cochlear implants, ocular implants, and
others. In 2016, the pacemakers and defibrillators segment held for the major share
due to increasing old age population and commonness of cardiovascular diseases.
The neurostimulators segment
is predicted to grow swiftly during the forecast period. These implants are required
in several cases including radicular pain syndrome or radiculopathies,
unsuccessful disk surgery, Failed Back Syndrome (FBS), Degenerative Disk
Disease (DDD), Complex Regional Pain Syndrome (CRPS), epidural fibrosis,
multiple back operations, peripheral, arachnoiditis, post-laminectomy pain, and
causalgia.
As per technology, the market
can be classified into sensors, RF technology, and other technology. In 2016, RF technology estimated for the largest
market share. The technology can be used in wireless implants.
Browse more reports of this category by
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Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East and Africa (MEA).
In 2016, North America captured
for the major market share and expected to continue this trend over the
projected period. This growth can be associated with growing occurrence of
cardiac diseases, supportive government policies, and growing FDA approvals for
several new products in the U.S. In addition, rise in cases of PD in the U.S is
also expected to boost the demand for these implants in the years to come. According
to the Parkinson’s Foundation, about one million Americans are living with PD
and approximately 60,000 Americans are diagnosed with PD every year.
Asia Pacific is anticipated to
show significant growth over the forecast period. Factors such as increasing
elderly population and rapid infrastructure development in this region is
expected to increase accessibility and affordability of healthcare services across
the several countries, which is expected to support the market growth in this
region. Additionally, increasing medical tourism in this region is also
projected to increase the demand for these implants.
Key companies operating in the
market include immer Biomet Holdings, Inc.; Medtronic plc; Cochlear Ltd.;
Koninklijke Philips N.V.; and LivaNova PLC.
The market is highly
competitive due to frequent launch of innovative products by the established
players. The players are likely to adopt several strategies such as mergers and
acquisitions, new product launch, and geographical expansion to improve their
presence in the market.
Access
Press Release of Microelectronic Medical Implants Market@ www.grandviewresearch.com/press-release/global-microelectronic-medical-implants-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
